If a Startup Sinks, Founders Go Down With It

In today’s Startup Therapy Podcast, Wil and Ryan discuss what will happen to the founder when the Startup company goes down. When a company starts to wind down, you might be shocked how everything maps back to the founder, from office leases to subscriptions, and now all of a sudden these company liabilities become your personal liabilities. How can you avoid this from happening to you?
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Resources: Startup Therapy Podcast  https://www.startups.com/begin Join our Network of Top Founders  Check in with us on LinkedIn | Wil Schroter | Ryan Rutan
What to Listen For 00:00 Intro 02:50 You’re stuck with the liabilities 08:27 Who pays the wind-down entity? 10:58 Filing for personal bankruptcy 14:14 Everything maps back to you 16:48 Adding more liabilities 19:37 Creditors will follow you  21:18 Can you sign under the company’s name? 23:59 How safe are you inside the corporate veil? 28:52 Buying the good stuff only  32:15 Typical timeframe for winding down a company 33:42 The personal liability is the scariest part 36:32 Be mindful of what you sign and don’t keep adding liabilities 38:09 Treat those liabilities as your own 40:05 You can renegotiate 41:36 No long term agreements